Israel's Tamar gas field to double exports to Egypt
Chevron and other partners operating Israel's Tamar gas field seek to increase its output capacity to satisfy domestic market and increase exports to Egypt
The United States energy giant Chevron and its partners in the Tamar reservoir off Israel's Mediterranean coast on Sunday announced their decision to invest $24 million to bolster natural gas production capacity from the offshore field.
The field’s output capacity is estimated to increase by approximately 1.6 billion cubic feet (bcf) per day to satisfy domestic energy demand and expand exports to Egypt that are reportedly planned to double in the coming years.
The Tamar partners are said to have agreed to supply an additional four billion cubic metres (bcm) of natural gas annually to Egypt for 11 years, totalling around 43bcm.
Chevron Eastern Mediterranean business unit managing director Jeff Ewing said: “Reaching [final investment decision] FID for phase two of Tamar’s expansion reflects Chevron’s ongoing commitment to partnering with the State of Israel to continue development of its energy resources for the benefit of domestic and regional natural gas markets," reported The Times of Israel.
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With a 25% stake, Chevron is the key operator of the Tamar gas field. Other partners are Isramco with a 28.75% interest, Mubadala Energy from Abu Dhabi with an 11% stake, Tamar Investment 2 (11%), Tamar Petroleum (16.75%), Dor Gas (4%) and Everest (3.5%).
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